Aldar to Launch Major Villa and Townhouse Project in Dubai Near Internet City

Aldar Development, Abu Dhabi's largest listed developer, is set to launch a major new villa and townhouse community in Dubai by the end of 2024. This development will be Aldar's fourth project in Dubai, expanding its presence in the emirate.

Project Details

The new development, whose value has not been disclosed, will be situated near Dubai Internet City. Jonathan Emery, CEO of Aldar Development, confirmed that this project is another collaboration with Dubai Holding. The community will also be strategically located above the route of the upcoming Blue Line extension of the Dubai Metro.

This new launch follows the successful introduction of Aldar's previous Dubai projects: Haven, Athlon, and The Wilds.

Expansion and Partnerships

Earlier in 2024, Aldar and Dubai Holding significantly expanded their 2023 joint venture. This partnership now includes two additional plots in Dubai, slated to deliver nearly 14,000 new homes with a combined gross development value exceeding AED 38 billion.

• The first plot, spanning four million square metres, is located along Dubai's eastern growth corridor, opposite Nad Al Sheba.
• The second plot on Palm Jebel Ali is designated for an ultra-luxury waterfront development featuring both branded and non-branded residences.

Despite a cautious market environment in Q3, which saw a 47 per cent year-on-year drop in home sales value to AED 72.6 billion, Aldar remains confident in the Dubai market's fundamentals. The company's existing products have performed well, indicating sustained demand for high-quality developments.

Handovers and Future Outlook

Aldar is set to deliver over 3,000 units in 2024, marking its largest annual handover volume to date. This figure is projected to increase to 4,500 units in 2025. Key projects expected for delivery this year include Sustainable City on Yas Island and The Grove and Louvre Abu Dhabi Residences on Saadiyat Island. Aldar will also hand over its first homes in Dubai at the Haven project near Dubailand in 2025.

Aldar continues to seek new partnerships, such as its recent AED 15 billion collaboration with Sharjah-based Arada for projects on Yas Island and at Seih Sdeirah in Abu Dhabi, to diversify its customer offerings and use complementary propositions.